Market Commentary

Daily reports from our Chief Economic Strategist.

A 75 BASIS POINTS INCREASE IN THE OVERNIGHT RATE
The Federal Reserve raised the overnight rate by 0.75%--the biggest increase since 1994—and signaled they will
FED STATEMENT AT 2:00 P.M.
At 2:00 PM the Fed’s FOMC meeting concludes. There is near universal consensus the Committee will increase the
CPI AT 8:30
May’s CPI is posted at 8:30. Has inflation peaked? The CPI for April rose 8.3%, down from 8.5% the prior month, but still
THE UNRELENTING ADVANCE OF OIL
Equities traded lower as oil continued its relentless advance, adding to inflationary fears. Tomorrow is the release of
A BIG DATA WEEK…QT COMMENCES TOMORROW
Last week the S & P 500 staged a rebound from a steep selloff that drove the market to near oversold levels. The index almost erased its
IS HOUSING SLOWING?
Sales of new homes plummeted in April by the most in nearly nine years, the result of high prices and a steep climb in
AN EQUITY ADVANCE LED BY ENERGY AND FINANCIALS
Shortly the Federal Reserve will commence Quantitative Tightening (QT). Monday JP Morgan’s Jamie Dimon stated, “there will be
SOME SOBERING STATISTICS
The S & P 500 is almost officially in a bear market defined as a drop of 20% or more. Friday’s decline is part of a seven-week slide which is
INFLATION AND MULTIPOLARITY
I do not think it is a stretch to write the ties that bind the global economy together and delivered goods in abundance across the
WAS “QT” A REASON FOR YESTERDAY’S SELLOFF?
Quantitative tightening (QT) is about to commence. The Central Bank has solidified plans for trimming its $9 trillion balance sheet starting

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